6-K 1 a210218-6k.htm 6-K 6-K
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

Form 6-K
REPORT OF FOREIGN PRIVATE ISSUER PURSUANT TO RULE 13a-16 OR 15d-16
UNDER THE SECURITIES EXCHANGE ACT OF 1934
February 18, 2021
Commission File Number 001-15244
Credit Suisse Group AG
(Translation of registrant’s name into English)
Paradeplatz 8, 8001 Zurich, Switzerland
(Address of principal executive office)

Commission File Number 001-33434
Credit Suisse AG
(Translation of registrant’s name into English)
Paradeplatz 8, 8001 Zurich, Switzerland
(Address of principal executive office)

Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.
   Form 20-F      Form 40-F   
Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1):
Note: Regulation S-T Rule 101(b)(1) only permits the submission in paper of a Form 6-K if submitted solely to provide an attached annual report to security holders.
Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7):
Note: Regulation S-T Rule 101(b)(7) only permits the submission in paper of a Form 6-K if submitted to furnish a report or other document that the registrant foreign private issuer must furnish and make public under the laws of the jurisdiction in which the registrant is incorporated, domiciled or legally organized (the registrant’s “home country”), or under the rules of the home country exchange on which the registrant’s securities are traded, as long as the report or other document is not a press release, is not required to be and has not been distributed to the registrant’s security holders, and, if discussing a material event, has already been the subject of a Form 6-K submission or other Commission filing on EDGAR.






This report includes the media release and the slides for the presentation to investors in connection with the 4Q20 and full year 2020 results.







Media Release
Zurich, February 18, 2021
 
 

 
Fourth quarter and full year 2020 financial results

Strong underlying performance positions bank to accelerate growth
-
Reported 4Q20 pre-tax loss of CHF 88 mn, net revenues of CHF 5.2 bn; results impacted by increased provision for credit losses, major litigation provisions, restructuring costs and significant items; 4Q20 adjusted pre-tax income, excluding significant items* of CHF 861 mn
-
Reported FY20 pre-tax income of CHF 3.5 bn, net revenues of CHF 22.4 bn, diluted earnings per share of CHF 1.06
-
FY20 adjusted pre-tax income, excluding significant items*, of CHF 4.4 bn, up 6% versus 2019

Thomas Gottstein, Chief Executive Officer of Credit Suisse Group AG, commented: “Despite a challenging environment for societies and economies in 2020, we saw a strong underlying performance across Wealth Management and Investment Banking, while addressing historic issues. We remained focused on serving our clients around the globe and on delivering value to our shareholders. The steady execution of the strategic initiatives we announced last July supports our growth agenda and allows for further investment in our businesses. Looking forward into 2021 and beyond, we aim to further accelerate growth in Wealth Management and deliver sustainable returns in Investment Banking. We remain strongly committed to positioning Credit Suisse as a leader in sustainability and driving digitalization and automation to generate positive operating leverage. I would like to thank all our employees for their outstanding commitment and loyalty.”
 
Reported key financials (YoY)
Adjusted key financials, excl. sign. items* (YoY)
FY20:
- Pre-tax income: CHF 3.5 bn, down 27% primarily due to increased provision for credit losses, major litigation provisions and York impairment
- Net revenues: CHF 22.4 bn, flat
- Total operating expenses: CHF 17.8 bn, up 2%
- Net income att/t shareholders: CHF 2.7 bn, down 22%
- RoTE: 6.6%
 
FY20:
- Pre-tax income: CHF 4.4 bn, up 6%, driven by solid revenue momentum, especially in the IB, and continued cost discipline
- Pre-provision profit of CHF 5.5 bn, up 22%
- Net revenues: CHF 22.1 bn, up 3%
- Total operating expenses: CHF 16.6 bn, down 2%
4Q20:
- Pre-tax loss: CHF 88 mn, primarily due to major litigation provisions and York impairment
- Net revenues: CHF 5.2 bn, down 16%
- Total operating expenses: CHF 5.2 bn, up 7%
- Net loss att/t shareholders: CHF 353 mn
- CET1 ratio: 12.9% (3Q20: 13.0%); Tier 1 leverage ratio: 6.4%1 (3Q20: 6.3%2)
 
4Q20:
- Pre-tax income: CHF 861 mn, down 10%, driven by lower revenues particularly in IWM, SUB and the Corporate Center
- Net revenues: CHF 5.3 bn, down 4%
- Total operating expenses: CHF 4.3 bn, down 2%
Key highlights for 2020
Strong underlying financial performance in 2020, with PTI and net revenue growth on an adjusted basis and excluding significant items* despite significant FX headwinds and higher provision for credit losses which are in line with the overall banking industry, demonstrating the strength of our diversified franchise
 
Executed four key strategic initiatives to support growth agenda, expected to generate run-rate savings of ~ CHF 400 mn to CHF 450 mn p.a.3:
- Created one global Investment Bank
- Launched SRI – Sustainability, Research & Investment Solutions
- Integrating Neue Aargauer Bank into SUB and launched CSX
- Combined Risk and Compliance functions
 
Investments to accelerate our growth:
- Targeting investments of CHF 300 mn to CHF 600 mn in growth initiatives across Wealth Management and the Investment Bank, supported by investments in technology platform and risk infrastructure
- WM-related investments: Increase adjusted PTI excluding significant items* (CHF 3.8bn in 2020) and adjusted RoRC excluding significant items* (18% in 2020) towards our related ambitions of CHF 5.0-5.5 bn PTI in 2023 and 20-25% RoRC, as part of our strategy to accelerate growth and invest most of marginal capital generated4 into Wealth Management to deploy into lending, accompanied with investments in RM recruitment, ESG products and private markets
- IB: adjusted* RoRC of 13% in line with our medium-term ambition of 10-15%, supported by 70% adjusted* PTI growth in 2020; further selected IB investments planned (e.g. in M&A)
 
Strong capital position and disciplined capital distribution:
- CET1 ratio of 12.9% as of the end of 2020
- Total capital distribution of ~ CHF 1 bn in 20205;
- Proposal to our shareholders to increase 2020 dividend by 5.4% vs 2019 (CHF 0.2926 per share)
- Started our share buyback program for 2021 in January, targeting a total of CHF 1.0 -1.5bn for the full year6
 
 
Page 1

 

Media Release
Zurich, February 18, 2021
 
 

 
NNA FY20 (in CHF bn)
NNA 4Q20 (in CHF bn)
AuM (in CHF tn)
Group: 42
SUB: 7.8
IWM: 32.2
APAC: 8.6
Group: 8.4
SUB: 1.7
IWM: 10.6
APAC: (1.1)
1.5
o/w WM businesses: 19.4
SUB PC: (5.9)
IWM PB:
16.7
APAC:  8.6
o/w WM businesses: 1.1
SUB PC: (2.1)
IWM PB:
4.3
APAC: (1.1)
 
 
 
Wealth Management-related businesses, net revenues (YoY)
Global investment banking businesses, net revenues (YoY)
Reported
Adjusted, excl. sign. items*, at FXC
Reported
FY20: CHF 13.6 bn, down 8%
transaction-based revenues up 3%
recurring commissions and fees down 4%
net interest income down 4%
FY20: CHF 13.9 bn, up 2%
transaction-based revenues up 8%
recurring commissions and fees stable
net interest income down 2%
FY20: USD 10.2 bn, up 19%
Fixed Income Sales & Trading up 26%
Equity Sales & Trading up 12%
Capital Markets & Advisory up 31%7
4Q20: CHF 3.1 bn, down 24%
transaction-based revenues up 7%
recurring commissions and fees down 6%
net interest income down 14%
4Q20: CHF 3.4 bn, down 2%
transaction-based revenues up 15%
recurring commissions and fees stable
net interest income down 11%
4Q20: USD 2.5 bn, up 19%
Fixed Income Sales & Trading flat
Equity Sales & Trading up 5%
Capital Markets & Advisory up 63%8

SUMMARY
FY 2020 Results
In a year characterized by the COVID-19 pandemic, macroeconomic challenges and strong FX headwinds, we continued to position the bank for growth in 2021 and beyond. Reaffirming our strategy as a leading Wealth Manager with strong global Investment Banking capabilities, we successfully launched four key strategic initiatives to support our growth agenda, including:
-
Creation of a global Investment Bank (IB) to build a client-centric global platform with critical scale for corporate, institutional and entrepreneurial clients; including the creation of Global Trading Solutions (GTS) and a globally integrated Equities platform
-
Establishment of a new Sustainability, Research & Investment Solutions (SRI) function at the Executive Board (ExB) level, affirming our commitment to providing our clients a leading offering, to deliver on our ambition to become a leader in Sustainability
-
Integration of Neue Aargauer Bank into Swiss Universal Bank (SUB) to optimize the Swiss branch network, which is well on track; launch of digital banking offering CSX in the Swiss retail space
-
Launch of a combined Chief Risk and Compliance Officer (CRCO) function to create alignment across our control functions

While executing on these initiatives, we delivered a strong underlying performance, driven by our global investment banking activities, and experienced several items in 2020 that had a considerable impact on the reported numbers. These items included major litigation provisions primarily related to legacy RMBS cases of CHF 988 million, restructuring and real estate disposal expenses of CHF 208 million, a net adverse impact on our pre-tax income of CHF 287 million from FX moves, as well as a number of significant items*, including an impairment to the valuation of the non-controlling interest in York Capital Management (York) of CHF 414 million and a gain related to the transfer of InvestLab of CHF 268 million.

On a reported basis, pre-tax income of CHF 3.5 billion was down 27% year on year. Our net income attributable to shareholders decreased by 22% to CHF 2.7 billion. Net revenues of CHF 22.4 billion were flat year on year, while total operating expenses of CHF 17.8 billion were up 2%, driven by litigation provisions and restructuring expenses.

On an adjusted basis, pre-tax income, excluding significant items*, was CHF 4.4 billion, up 6% year on year, driven by solid revenue momentum especially in the IB, and continued positive operating leverage, demonstrating a strong underlying performance. Adjusted net revenues, excluding significant items*, were CHF 22.1 billion, up 3% year on year, and adjusted* total operating expenses were CHF 16.6 billion, down 2%.

Page 2


Media Release
Zurich, February 18, 2021
 
 

 
Our Wealth Management-related businesses had a strong underlying performance, driven by increased transaction-based revenues. On a reported basis, total Wealth Management-related net revenues of CHF 13.6 billion were down 8% year on year, with higher transaction-based revenues, up 3%, being more than offset by lower recurring commissions and fees and lower net interest income, both down 4%. Adjusted total Wealth-Management-related net revenues, excluding significant items and at constant FX rates*, of CHF 13.9 billion were up 2% year on year, with stronger transaction-based revenues, up 8%, stable recurring commission and fees and net interest income down 2%.

In our global investment banking businesses we delivered a strong performance. Global investment banking revenues of USD 10.2 billion were up 19% year on year, with Fixed Income Sales & Trading up 26%, Equity Sales & Trading up 12%, and Capital Markets & Advisory9 up 31%.

Our GTS platform, which collaborates across our four divisions delivering institutional-style solutions to our wealth management clients, we recorded strong revenue growth, with net revenues up 31% year on year.

We recorded strong NNA of CHF 42.0 billion across our businesses, with CHF 7.8 billion in SUB, CHF 32.2 billion in International Wealth Management (IWM) and CHF 8.6 billion in APAC, showcasing the strengths of our global footprint. NNA in our Wealth Management businesses were CHF 19.4 billion. Our AuM at the end of 4Q20 increased slightly at CHF 1.5 trillion, with positive market movements and NNA offsetting significant negative FX-related effects.

We recorded CHF 1.1 billion provision for credit losses, compared to CHF 324 million last year. This is almost four times higher than our eleven-year average of CHF 280 million and driven by negative developments in our corporate lending portfolio and the application of the current expected credit loss (CECL) methodology.

After a 9M20 Return on Tangible Equity (RoTE) of 9.8%, our full-year RoTE was 6.6%, mainly reflecting the litigation provisions we recorded in 4Q20, as well as the impairment to the valuation of our minority shareholding in York. We remain committed to delivering on our ambition of a medium-term RoTE of 10-12% in a normalized environment, subject to market and economic conditions.

Our resilient and diversified business model continues to generate capital. Our capital position at the end of 4Q20 remained strong, with a CET1 ratio of 12.9% compared to 13.0% at the end of 3Q20. Our Tier 1 leverage ratio was 6.4%10 at the end of 4Q20, compared to 6.3%11 end of 3Q20.

4Q20 Results
We absorbed several items during the quarter that had a considerable impact on the reported numbers. These included major litigation provisions of CHF 757 million, restructuring and real estate disposal expenses of CHF 78 million, a net adverse impact on our pre-tax income of CHF 108 million from FX moves, as well as a number of significant items*, including an impairment to the valuation of the non-controlling interest in York of CHF 414 million, the CHF 158 million gain related to the equity investment revaluation of SIX and the CHF 127 million gain related to the equity investment revaluation of Allfunds Group.

As a consequence, and as indicated in the announcement made on January 8, 2021, we reported a pre-tax loss in 4Q20. Our pre-tax loss was CHF 88 million, and our net loss attributable to shareholders was CHF 353 million. Net revenues of CHF 5.2 billion were down 16% year on year, while total operating expenses of CHF 5.2 billion increased 7%.

Adjusted pre-tax income, excluding significant items*, was CHF 861 million, down 10% year on year and adjusted net revenues, excluding significant items*, were CHF 5.3 billion, down 4%. Adjusted* total operating expenses of CHF 4.3 billion were down 2% year on year.

In our Wealth Management-related businesses, we reported net revenues of CHF 3.1 billion, down 24% year on year, with transaction-based revenues up 7%, lower recurring commissions and fees, down 6% and lower net interest income, down 14%. Adjusted total Wealth-Management-related net revenues, excluding significant items

 
Page 3


Media Release
Zurich, February 18, 2021
 
 

 
and at constant FX rates*, of CHF 3.4 billion were down 2% year on year, with strong transaction-based revenues, up 15%, stable recurring commissions and fees, and lower net interest income, down 11%.

Our global investment banking revenues increased to USD 2.5 billion, up 19% year on year, benefitting from a resilient performance across products: Fixed Income Sales & Trading was flat year on year, Equity Sales & Trading was up 5%, and Capital Markets & Advisory12 was up 63%.

We recorded CHF 138 million provision for credit losses, compared to CHF 94 million in 3Q20, driven by higher net provisions across SUB, IWM and IB.

Total NNA were CHF 8.4 billion, with CHF 1.7 billion in SUB, CHF 10.6 billion in IWM and an outflow of CHF 1.1 billion in APAC. NNA in our Wealth Management businesses were CHF 1.1 billion.

 
OUTLOOK
We would caution that the COVID-19 pandemic is not yet behind us and, notwithstanding the continued fiscal and monetary stimuli, the pace of recovery remains uncertain. Credit Suisse has seen a strong start to 2021, led by a substantial YoY increase in client activity. Our Investment Bank is benefitting from a particularly strong performance in capital markets issuance activity and from a continued good performance across both Fixed Income and Equity Sales & Trading. This increase in client activity is also benefitting all three of our Wealth Management-related businesses, led by growth in APAC, while recurring commissions and fees are stable with higher assets under management offsetting the strengthening of the Swiss Franc. While net interest income remains lower than in 1Q20 due to interest rate reductions and the weaker US dollar, this impact is stabilizing sequentially and, assuming unchanged FX rates from current levels, we would expect this to improve as we plan to increase our lending volumes.
 
We remain fully focused on delivering outstanding products and services to our clients, supporting them through the persisting COVID-19 pandemic and the resultant economic challenges. With the CET1 capital ratio at 12.9% as of the end of 2020, we continue to focus on deploying most of the marginal capital generated into Wealth Management as well as disciplined capital distribution based on dividend growth of at least 5% per annum, including a proposed dividend per share of 0.2926 in respect of the 2020 dividend, and an ongoing share buyback program of up to CHF 1.5 bn, with at least CHF 1.0 bn expected for 202113.
 

CHANGES TO THE BOARD OF DIRECTORS
As previously announced on December 1, 2020, the Board of Directors is proposing António Horta-Osório for election as Chairman of the Board of Directors at the Annual General Meeting (AGM) on April 30, 2021. In addition and as previously announced on October 29, 2020, the Board of Directors is proposing Clare Brady and Blythe Masters for election as new non-executive members of the Board of Directors.

From the current members of the Board of Directors, Urs Rohner, Joaquin J. Ribeiro and John Tiner will not stand for re-election at the AGM in 2021. All other members of the Board of Directors will stand for re-election for a further term of office of one year.

Urs Rohner, Chairman of the Board of Directors of Credit Suisse Group, said: “Joaquin “Jack” Ribeiro joined the Board of Directors in 2016 and has served as a member of the Audit Committee for the past five years. He informed the Board that he will not stand for re-election this year. His important contributions as a professional accountant and longstanding experience within the financial services industry have been of great value to the Audit Committee and the Board during his tenure. John Tiner joined the Board of Directors in 2009. After having served the Group for 12 years, he has reached the maximum standard term limit and will therefore not be standing for re-election at the AGM in 2021. The Group benefited greatly from his invaluable contributions in the Audit Committee, a committee he chaired for nine years, the Risk Committee, the Governance and Nominations Committee, as well as the Conduct and Financial Crime Control Committee, and his expertise as a member of the board of several Credit Suisse entities. We thank both, John and Jack, for their extraordinary commitment and excellent collaboration, and wish them all the best for their future endeavors.”

 
 
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Media Release
Zurich, February 18, 2021
 
 

 
CAPITAL RETURNS TO SHAREHOLDERS
We remain focused on delivering attractive capital returns to our shareholders. As previously announced, we have started our share buyback program for 2021 in January and have repurchased CHF 112 million of shares as of February 16.

The Board of Directors will propose to the shareholders at the Annual General Meeting on April 30, 2021 a cash distribution of CHF 0.2926 per share for the financial year 2020. This is in line with our intention to increase the ordinary dividend per share by at least 5% per annum. 50% of the distribution will be paid out of capital contribution reserves, free of Swiss withholding tax and not be subject to income tax for Swiss resident individuals holding the shares as a private investment, and 50% will be paid out of retained earnings, net of 35% Swiss withholding tax.

DETAILED DIVISIONAL SUMMARIES

Swiss Universal Bank (SUB)
Reported results
 (in CHF million)
4Q20
4Q19
∆4Q19
FY20
FY19
∆FY19
Net revenues
1,393
1,734
(20)%
5,615
5,905
(5)%
Provision for credit losses
66
43
-
270
109
-
Total operating expenses
840
824
2%
3,241
3,223
1%
Pre-tax income
487
867
(44)%
2,104
2,573
(18)%
Cost/income ratio (%)
60
48
-
58
55
-

Adjusted results, excluding significant items*
(in CHF million)
4Q20
4Q19
∆4Q19
FY20
FY19
∆FY19
Net revenues
1,243
1,322
(6)%
5,306
5,278
1%
Provision for credit losses
66
43
-
270
109
-
Total operating expenses
790
822
(4)%
3,149
3,208
(2)%
Pre-tax income
387
457
(15)%
1,887
1,961
(4)%
Cost/income ratio (%)
64
62
-
59
61
-

FY20 Results
-
Solid full year 2020 with pre-tax income of CHF 2.1 billion
-
Adjusted pre-tax income, excluding significant items*, of CHF 1.9 billion, decreased by 4% year on year
-
Adjusted net revenues, excluding significant items*, were CHF 5.3 billion, up 1% year on year, and adjusted* total operating expenses were CHF 3.1 billion, down 2%
-
Strong focus on cost discipline leading to an adjusted cost/income ratio, excluding significant items*, of 59%, down 2 percentage points year on year
-
Higher provision for credit losses was primarily driven by CECL-related provision for credit losses and a single case in our Corporate & Institutional Client business in 3Q20
-
NNA of CHF 7.8 billion
Private Clients
-
Adjusted pre-tax income, excluding significant items*, of CHF 922 million, stable year on year
-
Adjusted net revenues, excluding significant items*, of CHF 2.9 billion, up 2% year on year, driven by higher transaction-based revenues from increased client activity
Corporate & Institutional Clients
-
Adjusted pre-tax income, excluding significant items*, of CHF 965 million, down 7% year on year
-
Adjusted net revenues, excluding significant items*, of CHF 2.4 billion, down 1% year on year
 
 
 
Page 5


Media Release
Zurich, February 18, 2021
 
 

 
4Q20 Results
-
4Q20 adjusted pre-tax income, excluding significant items*, was CHF 387 million, down 15% year on year
-
Adjusted net revenues, excluding significant items*, of CHF 1.2 billion, down 6% year on year, driven by lower deposit income and lower recurring commissions and fees from our investment in Swisscard, partially offset by increased client activity; stabilization of net interest income compared to the previous quarter; ongoing assessment of deposit pricing in light of the sustained negative interest rate environment
-
Adjusted* total operating expenses down 4% year on year, with continued investments in our digital offering funded by our continued cost discipline
-
SUB recorded higher client business volumes of CHF 1 trillion, up 4% compared to 3Q20
-
NNA across SUB of CHF 1.7 billion, with inflows primarily from pension businesses in Corporate & Institutional Clients partially offset by outflows in Private Clients
Private Clients
-
Adjusted pre-tax income, excluding significant items*, of CHF 197 million, down 11% year on year
-
Adjusted net revenues, excluding significant items*, of CHF 688 million, down 4% year on year, with increased client activity more than offset by lower deposit income from negative interest rate environment and lower recurring commissions and fees primarily from investment in Swisscard
-
Net asset outflows of CHF 2.1 billion, primarily due to a small number of individual outflows in the ultra-high-net-worth client segment and the usual seasonal slowdown for the quarter
-
Client business volume of CHF 381 billion, up 2% compared to 3Q20
-
AuM increased by 2% in 4Q20 to CHF 209 billion compared to 3Q20
Corporate & Institutional Clients
-
Adjusted pre-tax income, excluding significant items*, of CHF 190 million, down 19% year on year
-
Adjusted net revenues, excluding significant items*, of CHF 555 million down 9% year on year, driven by decreased deposit income from lower USD interest rates offsetting higher transactional brokerage revenues
-
NNA of CHF 3.8 billion in 4Q20 reflected continued contribution from pension fund business
-
Client business volume of CHF 620 billion, up 5% compared to 3Q20
-
AuM increased by 5% in 4Q20 to CHF 463 billion compared to 3Q20

International Wealth Management (IWM)
IWM reported results
(in CHF million)
4Q20
4Q19
∆4Q19
FY20
FY19
∆FY19
Net revenues
952
1,636
(42)%
4,837
5,816
(17)%
Provision for credit losses
25
17
-
110
49
-
Total operating expenses
939
989
(5)%
3,675
3,702
(1)%
Pre-tax income
(12)
630
-
1,052
2,065
(49)%
Cost/income ratio (%)
99
60
-
76
64
-

IWM adjusted results, excluding significant items*
(in CHF million)
4Q20
4Q19
∆4Q19
FY20
FY19
∆FY19
Net revenues
1,254
1,412
(11)%
4,921
5,448
(10)%
Provision for credit losses
25
17
-
110
49
-
Total operating expenses
908
983
(8)%
3,624
3,711
(2)%
Pre-tax income
321
412
(22)%
1,187
1,688
(30)%
Cost/income ratio (%)
72
70
-
74
68
-

FY20 Results
-
Reported pre-tax income CHF 1.1 billion, down 49% year on year; results affected by adverse impact from significant items, a net charge of CHF (84) million, compared to a benefit of CHF 323 million in 2019, as well as restructuring expenses of CHF 55 million
-
Adjusted pre-tax income, excluding significant items*, of CHF 1.2 billion, down 30% year on year
-
Adjusted net revenues, excluding significant items*, were CHF 4.9 billion, down 10%, affected by macro-headwinds including a reduction in USD interest rates as well as FX movements
-
Adjusted* total operating expenses were CHF 3.6 billion, down 2%, reflecting continued cost discipline
 
 
 
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Media Release
Zurich, February 18, 2021
 
 

 
-
Strong NNA of CHF 32.2 billion in 2020
Private Banking
-
Adjusted pre-tax income, excluding significant items*, of CHF 995 million, down 17% year on year
-
Adjusted net revenues, excluding significant items*, of CHF 3.6 billion, down 5%, driven by lower net interest income and lower recurring commissions and fees
-
Adjusted* total operating expenses were CHF 2.5 billion, down 2%
-
Record NNA of CHF 16.7 billion at a growth rate of 5%, with inflows across emerging markets and Western Europe
Asset Management
-
Adjusted pre-tax income, excluding significant items*, of CHF 192 million, down 60% year on year
-
Adjusted net revenues, excluding significant items*, of CHF 1.3 billion, down 20%
-
Adjusted* total operating expenses were CHF 1.1 billion, down 4%
-
NNA of CHF 15.5 billion

4Q20
-
Reported pre-tax loss of CHF 12 million, driven by the York impairment loss
-
Adjusted pre-tax income, excluding significant items*, was CHF 321 million, including higher client activity in Private Banking and a recovery in performance fees in Asset Management
-
Adjusted net revenues, excluding significant items*, were CHF 1.3 billion, down 11% year on year, and adjusted* total operating expenses were CHF 908 million, down 8%
-
NNA of CHF 10.6 billion
-
Client business volume of CHF 958 billion, up 3% compared to 3Q20
Private Banking
-
Adjusted pre-tax income, excluding significant items*, of CHF 206 million, down 24% year on year, amid macro headwinds and higher credit provisions
-
Adjusted net revenues, excluding significant items*, of CHF 862 million were down 10% year on year, driven by lower net interest income as lower deposit margins were impacted by the reductions in the USD interest rates
-
Adjusted* total operating expenses of CHF 625 million down 7% year on year, including lower variable compensation and the benefit from FX movements
-
Strong NNA of CHF 4.3 billion
-
Client business volume at CHF 518 billion, up 5% compared to 3Q20
Asset Management
-
Adjusted pre-tax income, excluding significant items*, of CHF 115 million, down 18% year on year, reflecting higher performance fees, especially in Equities, alongside reduced expenses, offset by significantly lower investment & partnership income as well as lower management fees
-
Adjusted net revenues, excluding significant items*, of CHF 392 million, down 13% year on year
-
Adjusted* total operating expenses were CHF 283 million, down 8%
-
NNA of CHF 6.3 billion in 4Q20
-
AuM of CHF 440 billion at the end of 4Q20, flat compared to 3Q20


Asia Pacific (APAC) 
APAC reported results
(in CHF million)
4Q20
4Q19
∆4Q19
FY20
FY19
∆FY19
Net revenues
784
750
5%
3,155
3,029
4%
Provision for credit losses
6
14
-
236
55
-
Total operating expenses
541
535
1%
2,091
2,052
2%
Pre-tax income
237
201
18%
828
922
(10)%
Cost/income ratio (%)
69
71
-
66
68
-

APAC adjusted results, excluding significant items*
(in CHF million)
4Q20
4Q19
∆4Q19
FY20
FY19
∆FY19
Net revenues
746
750
(1)%
3,092
2,931
5%
 
 
 
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Media Release
Zurich, February 18, 2021
 
 

 
Provision for credit losses
6
14
-
236
55
-
Total operating expenses
539
535
1%
2,087
2,052
2%
Pre-tax income
201
201
-
769
824
(7)%
Cost/income ratio (%)
72
71
-
67
70
-

FY20 Results
-
Reported pre-tax income of CHF 828 million, down 10% year on year, mainly due to higher provision for credit losses, partially offset by higher net revenues
-
Adjusted pre-tax income, excluding significant items*, of CHF 769 million, down 7% year on year, driven by higher credit provisions, as well as negative FX movements of CHF 45 million
-
Record adjusted net revenues, excluding significant items*, of CHF 3.1 billion, since the creation of the division; driven by higher transaction-based revenues up 17% year on year, primarily driven higher revenues from GTS, client activity, structured equity origination revenues and equity underwriting revenues, partially offset by lower financing revenues which included unrealized mark-to-market losses on our fair valued portfolio
-
Adjusted* total operating expenses of CHF 2.1 billion, up 2% year on year
-
Adjusted return on regulatory capital, excluding significant items*, of 20% and an adjusted cost/income ratio, excluding significant items*, of 67%
-
APAC advisory, underwriting and financing maintained a top 3 ranking in terms of share of wallet14 in 2020
-
NNA of CHF 8.6 billion
-
Asia Pacific regional revenues15 of CHF 4.2 billion, up 17% year on year, excluding significant items*16, and representing 20% of the bank’s net revenues; reflects diversified APAC country footprint and higher contribution from the Greater China region, as well as strong collaboration with global investment banking businesses

4Q20 Results
-
Adjusted pre-tax income, excluding significant items*, of CHF 201 million, flat year on year, with adjusted return on regulatory capital, excluding significant items*, of 23%
-
Continued to record sequentially lower provision for credit losses in each quarter of 2020, and recorded CHF 6 million in 4Q20
-
Net interest income down 27% year on year and recurring commissions and fees down 5%. Transaction and performance-based revenues were up 28%, primarily due to higher financing revenues, which were driven by unrealized mark-to-market gains on our fair valued portfolio and higher structured equity origination revenues
-
Asia Pacific regional revenues were up 2% year on year, excluding the Allfunds Group revaluation gain*17, and represented 19% of the bank’s net revenues
-
Net outflows of CHF 1.1 billion in 4Q20
-
Record client business volumes at CHF 354 billion, up 6% compared to 3Q20, supported by higher mandates and fund penetration levels

Investment Bank (IB)
IB reported results
 (in USD million)
4Q20
4Q19
∆4Q19
2020
2019
∆2019
Net revenues
2,337
1,977
18%
9,718
8,216
18%
Provision for credit losses
42
69
-
489
105
-
Total operating expenses
1,977
1,851
7%
7,469
7,078
6%
Pre-tax income/loss
318
57
-
1,760
1,033
70%
Cost/income ratio (%)
85
94
-
77
86
-

IB adjusted results*
 (in USD million)
4Q20
4Q19
∆4Q19
2020
2019
∆2019
Net revenues
2,337
1,970
19%
9,718
8,209
18%
Provision for credit losses
42
69
-
489
105
-
Total operating expenses
1,938
1,804
7%
7,347
7,000
5%
Pre-tax income/loss
357
97
-
1,882
1,104
70%
Cost/income ratio (%)
83
92
-
76
85
-

 
 
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Media Release
Zurich, February 18, 2021
 
 

 
FY20 Results
-
Reported pre-tax income of USD 1.8 billion, up 70% year on year reflecting broad based growth across all products
-
Adjusted* pre-tax income of USD 1.9 billion, up 70% year on year, with an adjusted* return on regulatory capital of 13%, highlighting the strength of our diversified and de-risked franchise
-
Net revenues of USD 9.7 billion, increased 18% year on year
-
Adjusted* total operating expenses of USD 7.3 billion increased 5% year on year, reflecting higher compensation and benefits and general and administrative costs. Reported operating expenses included restructuring expenses of USD 52 million
-
Provision for credit losses of USD 489 million increased compared to 2019, reflecting the application of the CECL methodology, as well as the negative developments in our corporate lending portfolio across various industries
Fixed Income Sales and Trading
-
Revenues of USD 4.3 billion, up 26% year on year, were driven by strong growth in our GTS business, increased revenues across macro and emerging markets and higher client activity in our market-leading credit franchise
Equity Sales and Trading
-
Revenues of USD 2.6 billion, up 12% year on year, reflected higher cash equities and equity derivatives trading activity due to increased volatility and trading volumes
Capital Markets
-
Revenues of USD 2.5 billion, up 36% year on year, driven by strong performance in equity capital markets as well as higher debt capital markets revenues
-
Equity capital markets revenues more than doubled due to significantly higher IPO activity resulting in a number 1 ranking18 in IPOs. In addition, debt capital markets revenues increased year on year, driven by higher investment grade activity
Advisory
-
Advisory revenues of USD 645 million, increased 7% year on year, driven by increased M&A deal completions

4Q20 Results
Fixed Income Sales and Trading
-
Revenues of USD 788 million, flat compared to a strong prior year, reflecting continued strength in our credit franchise and higher emerging markets revenues, partially offset by lower macro results
Equity Sales and Trading
-
Revenues of USD 555 million, up 5% year on year, reflected strength in cash equities and equity derivatives
Capital Markets
-
Revenues of USD 843 million, up 90% year on year, were driven by outperformance in equity capital markets and higher debt issuance activity
Advisory
-
Revenues of USD 199 million increased 16% year on year, driven by increased M&A deal completions


MEASURES TO OVERCOME THE COVID-19 PANDEMIC AND OUR ONGOING COMMITMENT TO OUR EMPLOYEES
In this troubled environment, we continued to stay close to our clients, communities and employees, supporting them through unprecedented challenges. Over the course of 2020, we launched a variety of initiatives to mitigate the impact of the pandemic, and:
-
Supported our clients throughout the COVID-19 pandemic by driving our digital transformation globally; in 2020, we doubled our network bandwidth and secured ~50K licenses for Zoom to ensure connectivity to clients
-
Provided enhanced digital solutions: In SUB, over the last two years, use of Online Banking has grown by approximately 47%, while the use of Mobile Banking has more than doubled, with the COVID-19 pandemic further accelerating these trends

 
 
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Media Release
Zurich, February 18, 2021
 
 

 
-
Supported SMEs and the Swiss economy by processing ~CHF 3 billion of COVID-19 bridging loans, on which we did not generate any profits. If we should generate a profit in the future, we will donate any net profit generated to projects to support Swiss companies that are facing difficulties. We also set up an additional credit facility of CHF 500 million made available in January 2021
-
Launched a global donation matching campaign to encourage employee donations to charities, including those working to alleviate the impact of the COVID-19 pandemic and to support those affected by inequality. In total, we raised ~CHF 25 million, benefitting ~1,400 charitable organizations
-
Announced a new mandate with regards to diversity and inclusion at Credit Suisse that included, ambitions relating to gender as well as Black Talent representation as well as board level and senior leadership engagement
-
Increased remote work readiness level to ~90%, globally, with ~65% of employees working from home, on average over the course of the year19
-
Launched an initiative to explore new ways of working, with Switzerland being the first pilot market of a broader study; ~3,800 colleagues participated in the study
-
Offered free antibody testing program for Credit Suisse employees, and more than 8,600 employees tested voluntarily
-
Extended paid family leave to employees, indefinitely, in locations where schools remain closed or where they will be closed again – this continues into 2021. In 2020, more than 3,000 colleagues, globally, took up paid family leave

In line with our mandate focused on diversity and inclusion, outlined at our 3Q20 results, in January 2021, we became a signatory of The Valuable 500 Commitment Statement and created an internal taskforce focused on furthering our inclusivity of colleagues with disabilities.

ONGOING COMMITMENT TO SUSTAINABILITY AND PROGRESS UPDATE ON SRI
Credit Suisse’s commitment to Sustainability was a key focus of the Group’s strategy in 2020.

In July, we announced the establishment of Sustainability, Research & Investment Solutions (SRI), a new ExB function led by Lydie Hudson, to express our commitment to becoming a leader in Sustainability in the financial industry, across our Wealth Management-related and Investment Bank franchises. At the same time, we also introduced a new Board of Directors mandate, naming Iris Bohnet as Board of Directors Sustainability Leader, to enable and help supervise our Sustainability agenda.

In 2020, we have made significant progress towards our ambition, both by outlining our strategic Sustainability roadmap along five key pillars, as well as by implementing specific, targeted measures to support the transition of clients, including the roll-out of the Client Energy Transition Frameworks (CETF) for the priority sectors oil and gas, coal mining, and utilities/power generation. The CETF are a key part of the bank’s Climate Risk Strategy program and serve to assess the energy transition readiness of corporate clients in these sectors.

As a consequence of our efforts across divisions in relation to driving sustainability, we were once again selected as an index component of both the Dow Jones Sustainability World Index and the Dow Jones Sustainability Europe Index, when S&P Dow Jones Indices announced the results of their annual Dow Jones Sustainability Indices (DJSI) rebalancing and reconstitution in November 2020. Furthermore, Carbon Disclosure Project (CDP)’s rating of Credit Suisse’s climate-related disclosure improved to an A-, and Credit Suisse’s MSCI ESG Rating increased to an A.

Finally, at its core, SRI is focused on how we can best deliver returns for our clients now and in the future. On a long-term basis20, our Investment Solutions & Products Investment Management Discretionary Mandate strategies performed better than 67% of clients in a non-discretionary strategy portfolio, demonstrating the strength of our expertise and talented teams who guided clients through a challenging and uncertain environment.


 
 
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Media Release
Zurich, February 18, 2021
 
 

 
CONTACT DETAILS
Kinner Lakhani, Investor Relations, Credit Suisse
Tel: +41 44 333 71 49
Email: investor.relations@credit-suisse.com
 
Katrin Schaad, Corporate Communications, Credit Suisse
Tel: +41 844 33 88 44
Email: media.relations@credit-suisse.com
 
The Earnings Release and Presentation Slides for FY20/4Q20 are available to download from 06:45 CET today at: https://www.credit-suisse.com/results


PRESENTATION OF FY20/4Q20 RESULTS – THURSDAY, FEBRUARY 18, 2021

Event
Analyst Call
Media Call
Time
08:15 Zurich
07:15 London
02:15 New York
 
10:30 Zurich
09:30 London
04:30 New York
Language
English
 
English
Access
Switzerland: +41 44 580 48 67
Europe: +44 203 057 6528
US: +1 866 276 8933
 
Reference: Credit Suisse Analysts and Investors Call
 
Conference ID: 9829358
 
Please dial in 10 minutes before the start of the call
 
Webcast link here.
 
Switzerland: +41 44 580 48 67
Europe: +44 203 057 6528
US: +1 866 276 8933
 
Reference: Credit Suisse Media Call
 
Conference ID: 4138828
 
Please dial in 10 minutes before the start of the call
 
Webcast link here.
Q&A Session
Following the presentation, you will have the opportunity to ask the speakers questions
 
Following the presentation, you will have the opportunity to ask the speakers questions
Playback
Replay available approximately one hour after the event
 
Switzerland: +41 44 580 40 26
Europe: +44 333 300 9785
US: +1 917 677 7532
 
Conference ID: 9829358
Replay available approximately one hour after the event
 
Switzerland: +41 44 580 40 26
Europe: +44 333 300 9785
US: +1 917 677 7532
 
Conference ID: 4138828
 
 
 
 
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Media Release
Zurich, February 18, 2021
 

 
 
* Refers to adjusted results, results excluding significant items and results on a constant FX rate basis as applicable. Results excluding items included in our reported results are non-GAAP financial measures. For a reconciliation to the most directly comparable US GAAP measures, see the Appendix of this Media Release. Significant items include the gain related to the transfer of the InvestLab fund platform to Allfunds Group in 3Q19 and 1Q20, the gain related to the equity investment revaluation of Allfunds Group in 4Q20, the gain related to the equity investment revaluation of SIX in 4Q19 and in 4Q20, the gain related to the equity investment revaluation of Pfandbriefbank in 2Q20 and the impairment to the valuation of our non-controlling interest in York Capital Management

Footnotes

1 In 4Q20 and 3Q20 leverage exposure excludes CHF 111 billion and CHF 110 billion, respectively, of central bank reserves, after adjusting for the dividend paid in 2020, as permitted by FINMA. Including cash held at central banks, our Tier 1 leverage ratio would have been 5.6% for both 4Q20 and 3Q20.
2 Includes capital markets revenues and advisory and other fees within global investment banking
3 Full savings expected from 2022 onwards; allow for reinvestment in full, subject to market and economic conditions
4 Post dividends, share buybacks and potential impact from RWA methodology changes
5 Including CHF 716 million of dividends and CHF 325 million of share buybacks
6 Subject to market and economic conditions
7 Includes capital markets revenues and advisory and other fees within global investment banking
8 Includes capital markets revenues and advisory and other fees within global investment banking
9 Includes capital markets revenues and advisory and other fees within global investment banking
10 In 4Q20 and 3Q20 leverage exposure excludes CHF 111 billion and CHF 110 billion, respectively, of central bank reserves, after adjusting for the dividend paid in 2020, as permitted by FINMA. Including cash held at central banks, our Tier 1 leverage ratio would have been 5.6% for both 4Q20 and 3Q20.
11 In 4Q20 and 3Q20 leverage exposure excludes CHF 111 billion and CHF 110 billion, respectively, of central bank reserves, after adjusting for the dividend paid in 2020, as permitted by FINMA. Including cash held at central banks, our Tier 1 leverage ratio would have been 5.6% for both 4Q20 and 3Q20.
12 Includes capital markets revenues and advisory and other fees within global investment banking
13 Subject to market and economic conditions
14 Source: Dealogic for the period ending December 31, 2020 (APAC excluding Japan and China onshore among international banks)
15 Reflects net revenues of the APAC division and includes revenues related to the Asia Pacific region recognized in the Investment Bank and International Wealth Management
16 Excluding a gain of CHF 98 million in 3Q19 and a gain of CHF 25 million in 1Q20 related to the transfer of InvestLab to AllFunds Group and a gain of CHF 38 million in 4Q20 related to the equity investment revaluation of Allfunds Group
17 Excluding a gain of CHF 38 million in 4Q20 related to the equity investment revaluation of Allfunds Group
18 Source: Dealogic based on volumes for the period ending December 31, 2020 (Americas and EMEA only)
19 Data from beginning of 2Q20 until the end of 4Q20 is considered for the calculation of the annual average
20 Performance of discretionary mandates vs. non-discretionary client portfolios (December 31, 2017 to December 31, 2020) of PB clients in SUB, IWM and APAC that are booked in Switzerland; these are not limited to ESG or Sustainable specific mandates
 
Abbreviations
AGM – Annual General Meeting; APAC – Asia Pacific; AuM – assets under management; BCBS – Basel Committee on Banking Supervision; BIS – Bank for International Settlements; CECL – US GAAP accounting standard for current expected credit losses; CET1 – common equity tier 1; CHF – Swiss francs; C&IC – Corporate & Institutional Clients; CRCO – Chief Risk and Compliance Officer; DCM – Debt Capital Markets; ECM – Equity Capital Markets; EMEA – Europe, Middle East, Africa; ExB – Executive Board; FINMA – Swiss Financial Market Supervisory Authority FINMA; FX – Foreign Exchange; FXC – Foreign Exchange Constant; GAAP – Generally accepted accounting principles; GTS – Global Trading Solutions; IB – Investment Bank; IPO – Initial Public Offering; ITS – International Trading Solutions; IWM – International Wealth Management; NAB– Neue Aargauer Bank; M&A – Mergers & Acquisitions; NNA – net new assets; PB – Private Banking; PC – Private Clients; PTI – Pre-Tax Income; RM – Relationship Manager; RMBS – Residential Mortgage Backed Securities; RoRC – Return on Regulatory Capital; RoTE – Return on Tangible Equity; RWA – risk weighted assets; SEC – U.S. Securities and Exchange Commission; SME – Small and Medium Enterprises; SRI – Sustainability, Research & Investment Solutions; SUB – Swiss Universal Bank; US – United States; USD – US dollar.

Important information
This document contains select information from the full 4Q20 Earnings Release and 4Q20 Results Presentation slides that Credit Suisse believes is of particular interest to media professionals. The complete 4Q20 Earnings Release and 4Q20 Results Presentation slides, which have been distributed simultaneously, contain more comprehensive information about our results and
 
 
 
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operations for the reporting quarter, as well as important information about our reporting methodology and some of the terms used in these documents. The complete 4Q20 Earnings Release and 4Q20 Results Presentation slides are not incorporated by reference into this document.

Credit Suisse has not finalized its 2020 Annual Report and Credit Suisse’s independent registered public accounting firm has not completed its audit of the consolidated financial statements for the period. Accordingly, the financial information contained in this presentation is subject to completion of year-end procedures, which may result in changes to that information.

This document contains certain unaudited interim financial information for the first quarter of 2021. This information has been derived from management accounts, is preliminary in nature, does not reflect the complete results of the first quarter of 2021 and is subject to change, including as a result of any normal quarterly adjustments in relation to the financial statements for the first quarter of 2021. This information has not been subject to any review by our independent registered public accounting firm. There can be no assurance that the final results for these periods will not differ from these preliminary results, and any such differences could be material. Quarterly financial results for the first quarter of 2021 will be included in our 1Q21 Financial Report. These interim results of operations are not necessarily indicative of the results to be achieved for the remainder of the full first quarter of 2021.

We may not achieve all of the expected benefits of our strategic initiatives. Factors beyond our control, including but not limited to the market and economic conditions (including macroeconomic and other challenges and uncertainties, for example, resulting from the COVID-19 pandemic), changes in laws, rules or regulations and other challenges discussed in our public filings, could limit our ability to achieve some or all of the expected benefits of these initiatives.

In particular, the terms “Estimate”, “Illustrative”, “Ambition”, “Objective”, “Outlook” and “Goal” are not intended to be viewed as targets or projections, nor are they considered to be Key Performance Indicators. All such estimates, illustrations, ambitions, objectives, outlooks and goals are subject to a large number of inherent risks, assumptions and uncertainties, many of which are completely outside of our control. These risks, assumptions and uncertainties include, but are not limited to, general market conditions, market volatility, interest rate volatility and levels, global and regional economic conditions, challenges and uncertainties resulting from the COVID-19 pandemic, political uncertainty, changes in tax policies, regulatory changes, changes in levels of client activity as a result of any of the foregoing and other factors. Accordingly, this information should not be relied on for any purpose. We do not intend to update these estimates, illustrations, ambitions, objectives, outlooks or goals.

In preparing this document, management has made estimates and assumptions that affect the numbers presented. Actual results may differ. Annualized numbers do not take into account variations in operating results, seasonality and other factors and may not be indicative of actual, full-year results. Figures throughout this document may also be subject to rounding adjustments. All opinions and views constitute judgments as of the date of writing without regard to the date on which the reader may receive or access the information. This information is subject to change at any time without notice and we do not intend to update this information.

Our estimates, ambitions, objectives and targets often include metrics that are non-GAAP financial measures and are unaudited. A reconciliation of the estimates, ambitions, objectives and targets to the nearest GAAP measures is unavailable without unreasonable efforts. Adjusted results exclude goodwill impairment, major litigation provisions, real estate gains and other revenue and expense items included in our reported results, all of which are unavailable on a prospective basis. Return on tangible equity is based on tangible shareholders' equity (also known as tangible book value), a non-GAAP financial measure, which is calculated by deducting goodwill and other intangible assets from total shareholders' equity as presented in our balance sheet, both of which are unavailable on a prospective basis. Return on regulatory capital (a non-GAAP financial measure) is calculated using income / (loss) after tax and assumes a tax rate of 25% and capital allocated based on the average of 10% of risk-weighted assets and 3.5% of leverage exposure; the essential components of this calculation are unavailable on a prospective basis. Such estimates, ambitions, objectives and targets are calculated in a manner that is consistent with the accounting policies applied by us in preparing our financial statements.

Return on tangible equity, a non-GAAP financial measure, is calculated as annualized net income attributable to shareholders divided by average tangible shareholders’ equity. Tangible shareholders’ equity, a non-GAAP financial measure, is calculated by deducting goodwill and other intangible assets from total shareholders’ equity as presented in our balance sheet. Management believes that return on tangible equity is meaningful as it is a measure used and relied upon by industry analysts and investors to assess valuations and capital adequacy. For end-4Q20, tangible shareholders’ equity excluded goodwill of CHF 4,426 million and other intangible assets of CHF 237 million from total shareholders’ equity of CHF 42,677 million as presented in our balance sheet. For end-3Q20, tangible shareholders’ equity excluded goodwill of CHF 4,577 million and other intangible assets of CHF 256 million from total shareholders’ equity of CHF 45,740 million as presented in our balance sheet.

Prior to 3Q20, regulatory capital was calculated as the worst of 10% of RWA and 3.5% of leverage exposure, and return on regulatory capital (a non-GAAP financial measure) was calculated using income / (loss) after tax and assumed a tax rate of 30%. In 3Q20, we updated our calculation approach, following which regulatory capital is calculated as the average of 10% of RWA and 3.5% of leverage exposure and return on regulatory capital (a non-GAAP financial measure) is calculated using income / (loss) after tax and assumes a tax rate of 30% for periods prior to 2020 and 25% from 2020 onward. For periods in 2020, for purposes of calculating Group return on regulatory capital, leverage exposure excludes cash held at central banks, after adjusting
 
 
 
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for the dividend paid in 2020. For the Investment Bank division, return on regulatory capital is based on US dollar denominated numbers. Adjusted return on regulatory capital is calculated using adjusted results, applying the same methodology to calculate return on regulatory capital.

Foreign exchange impact is calculated by converting the CHF amount of net revenues, provision for credit losses and operating expenses for 2020 back to the original currency on a monthly basis at the respective spot foreign exchange rate. The respective amounts are then converted back to CHF applying the average 2019 foreign exchange rate from the period against which the foreign exchange impact is measured. Average foreign exchange rates apply a straight line average of monthly foreign exchange rates for major currencies.

Client business volume includes assets under management, custody assets and net loans.

Credit Suisse is subject to the Basel III framework, as implemented in Switzerland, as well as Swiss legislation and regulations for systemically important banks, which include capital, liquidity, leverage and large exposure requirements and rules for emergency plans designed to maintain systemically relevant functions in the event of threatened insolvency. Credit Suisse has adopted the Bank for International Settlements (BIS) leverage ratio framework, as issued by the Basel Committee on Banking Supervision (BCBS) and implemented in Switzerland by the Swiss Financial Market Supervisory Authority FINMA (FINMA).

Unless otherwise noted, all CET1 capital, CET1 ratio, Tier-1 leverage ratio, risk-weighted assets and leverage exposure figures in this document are as of the end of the respective period and, for periods prior to 2019, on a “look-through” basis.

Unless otherwise noted, leverage exposure is based on the BIS leverage ratio framework and consists of period-end balance sheet assets and prescribed regulatory adjustments. The tier 1 leverage ratio and CET1 leverage ratio are calculated as BIS tier 1 capital and CET1 capital, respectively, divided by period end leverage exposure. Swiss leverage ratios are measured on the same period-end basis as the leverage exposure for the BIS leverage ratio. Unless otherwise noted, for periods in 2020, leverage exposure excludes cash held at central banks, after adjusting for the dividend paid in 2020.

Mandate penetration reflects advisory and discretionary mandate volumes as a percentage of assets under management, excluding those from the external asset manager business.

Pre-provision profit refers to the pre-tax income, excluding provision for credit losses.

References to Wealth Management mean SUB PC, IWM PB and APAC or their combined results. References to Wealth Management-related mean SUB, IWM and APAC or their combined results. References to global investment banking mean the Investment Bank, APAC advisory and underwriting as well as M&A, DCM and ECM in SUB C&IC. References to Global Trading Solutions, prior to 3Q20, mean the combination of ITS and APAC Solutions.

Investors and others should note that we announce material information (including quarterly earnings releases and financial reports) to the investing public using press releases, SEC and Swiss ad hoc filings, our website and public conference calls and webcasts. We intend to also use our Twitter account @creditsuisse (https://twitter.com/creditsuisse) to excerpt key messages from our public disclosures, including earnings releases. We may retweet such messages through certain of our regional Twitter accounts, including @csschweiz (https://twitter.com/csschweiz) and @csapac (https://twitter.com/csapac). Investors and others should take care to consider such abbreviated messages in the context of the disclosures from which they are excerpted. The information we post on these Twitter accounts is not a part of this document.

Information referenced in this document, whether via website links or otherwise, is not incorporated into this document.

Certain material in this document has been prepared by Credit Suisse on the basis of publicly available information, internally developed data and other third-party sources believed to be reliable. Credit Suisse has not sought to independently verify information obtained from public and third-party sources and makes no representations or warranties as to accuracy, completeness or reliability of such information.

In various tables, use of “–” indicates not meaningful or not applicable.

The English language version of this document is the controlling version.
 
 
 
Page 14
 

Appendix
Appendix
Key metrics
   in / end of % change in / end of % change
4Q20 3Q20 4Q19 QoQ YoY 2020 2019 YoY
Credit Suisse Group results (CHF million)   
Net revenues  5,221 5,198 6,190 0 (16) 22,389 22,484 0
Provision for credit losses  138 94 146 47 (5) 1,096 324 238
Compensation and benefits 2,539 2,441 2,590 4 (2) 9,890 10,036 (1)
General and administrative expenses 2,279 1,458 1,916 56 19 6,523 6,128 6
Commission expenses 303 295 324 3 (6) 1,256 1,276 (2)
Restructuring expenses 50 107 157
Total other operating expenses 2,632 1,860 2,240 42 18 7,936 7,404 7
Total operating expenses  5,171 4,301 4,830 20 7 17,826 17,440 2
Income/(loss) before taxes  (88) 803 1,214 3,467 4,720 (27)
Net income/(loss) attributable to shareholders  (353) 546 852 2,669 3,419 (22)
Statement of operations metrics (%)      
Return on regulatory capital (0.9) 8.3 11.0 8.9 10.9
Balance sheet statistics (CHF million)   
Total assets 805,822 821,296 787,295 (2) 2 805,822 787,295 2
Risk-weighted assets 275,084 285,216 290,463 (4) (5) 275,084 290,463 (5)
Leverage exposure 799,853 824,420 909,994 (3) (12) 799,853 909,994 (12)
Assets under management and net new assets (CHF billion)   
Assets under management 1,511.9 1,478.3 1,507.2 2.3 0.3 1,511.9 1,507.2 0.3
Net new assets 8.4 18.0 9.9 (53.3) (15.2) 42.0 79.3 (47.0)
Basel III regulatory capital and leverage statistics (%)   
CET1 ratio 12.9 13.0 12.7 12.9 12.7
CET1 leverage ratio 4.4 4.5 4.0 4.4 4.0
Tier 1 leverage ratio 6.4 6.3 5.5 6.4 5.5
Page A-1

Appendix
Results excluding items included in our reported results are non-GAAP financial measures. During the implementation of our strategy, we will measure the progress achieved by our underlying business performance. Management believes that such results provide a useful presentation of our operating results for purposes of assessing our Group and divisional performance consistently over time, on a basis that excludes items that management does not consider representative of our underlying performance. Provided below is a reconciliation to the most directly comparable US GAAP measures.
Reconciliation of adjusted results
   Group
in 4Q20 4Q19 2020 2019
Adjusted results (CHF million)   
Net revenues  5,221 6,190 22,389 22,484
   Real estate (gains)/losses  (15) (146) (15) (251)
   (Gains)/losses on business sales  0 2 0 2
Adjusted net revenues  5,206 6,046 22,374 22,235
Provision for credit losses  138 146 1,096 324
Total operating expenses  5,171 4,830 17,826 17,440
   Restructuring expenses  (50) (157)
   Major litigation provisions  (757) (326) (988) (389)
   Expenses related to real estate disposals  (28) (57) (51) (108)
Adjusted total operating expenses  4,336 4,447 16,630 16,943
Income/(loss) before taxes  (88) 1,214 3,467 4,720
   Total adjustments  820 239 1,181 248
Adjusted income before taxes  732 1,453 4,648 4,968
Page A-2

Appendix
Reconciliation of adjustment items
   Group
in 4Q20 4Q19 2020 2019
Adjusted results excluding significant items (CHF million)   
Net revenues  5,221 6,190 22,389 22,484
   Real estate (gains)/losses  (15) (146) (15) (251)
   (Gains)/losses on business sales  0 2 0 2
Adjusted net revenues  5,206 6,046 22,374 22,235
   of which gain related to InvestLab transfer  0 0 268 327
   of which gain on equity investment in Allfunds Group  127 0 127 0
   of which gain on equity investment in SIX Group AG  158 498 158 498
   of which gain on equity investment in Pfandbriefbank  0 0 134 0
   of which impairment on York Capital Management  (414) 0 (414) 0
Adjusted net revenues excluding significant items  5,335 5,548 22,101 21,410
Provision for credit losses  138 146 1,096 324
Total operating expenses  5,171 4,830 17,826 17,440
   Restructuring expenses  (50) (157)
   Major litigation provisions  (757) (326) (988) (389)
   Expenses related to real estate disposals  (28) (57) (51) (108)
Adjusted total operating expenses  4,336 4,447 16,630 16,943
Income before taxes  (88) 1,214 3,467 4,720
   Total adjustments and significant items  949 (259) 908 (577)
Adjusted income before taxes excluding significant items  861 955 4,375 4,143
   Group
in 4Q20 4Q19 202 2019
Adjusted results excluding significant items and FX impact (CHF million)   
Adjusted net revenues  5,206 6,046 22,374 22,235
   of which gain related to InvestLab transfer  0 0 268 327
   of which gain on equity investment in Allfunds Group  127 0 127 0
   of which gain on equity investment in SIX Group AG  158 498 158 498
   of which gain on equity investment in Pfandbriefbank  0 0 134 0
   of which impairment on York Capital Management  (414) 0 (414) 0
   of which FX impact  368 1,134
Adjusted net revenues excluding FX impact  5,703 5,548 23,235 21,410
Adjusted income before taxes  861 955 4,375 4,143
   of which FX impact  108 287
Adjusted income before taxes excluding significant items and FX impact  969 955 4,662 4,143
Page A-3

Appendix
Swiss Universal Bank
   in / end of % change in / end of % change
4Q20 3Q20 4Q19 QoQ YoY 2020 2019 YoY
Results (CHF million)   
Net revenues  1,393 1,294 1,734 8 (20) 5,615 5,905 (5)
   of which Private Clients  750 700 968 7 (23) 3,055 3,186 (4)
   of which Corporate & Institutional Clients  643 594 766 8 (16) 2,560 2,719 (6)
Provision for credit losses  66 52 43 27 53 270 109 148
Total operating expenses  840 812 824 3 2 3,241 3,223 1
Income before taxes  487 430 867 13 (44) 2,104 2,573 (18)
   of which Private Clients  257 200 474 29 (46) 1,080 1,282 (16)
   of which Corporate & Institutional Clients  230 230 393 0 (41) 1,024 1,291 (21)
Metrics (%)   
Return on regulatory capital 15.8 13.8 26.9 17.1 20.2
Cost/income ratio 60.3 62.8 47.5 57.7 54.6
Private Clients   
Assets under management (CHF billion) 208.6 205.0 217.6 1.8 (4.1) 208.6 217.6 (4.1)
Net new assets (CHF billion) (2.1) 2.0 (0.5) (5.9) 3.4
Gross margin (annualized) (bp) 146 138 179 149 150
Net margin (annualized) (bp) 50 39 87 53 60
Corporate & Institutional Clients   
Assets under management (CHF billion) 462.6 441.0 436.4 4.9 6.0 462.6 436.4 6.0
Net new assets (CHF billion) 3.8 3.5 2.5 13.7 45.3
Reconciliation of adjustment items
   Swiss Universal Bank
in 4Q20 3Q20 4Q19 2020 2019
Adjusted results excluding significant items (CHF million)   
Net revenues  1,393 1,294 1,734 5,615 5,905
   of which real estate gains  15 0 106 15 223
   of which gain related to InvestLab transfer  0 0 0 25 98
   of which gain on equity investment in Allfunds Group  38 0 0 38 0
   of which gain on equity investment in SIX Group  97 0 306 97 306
   of which gain on equity investment in Pfandbriefbank  0 0 0 134 0
Adjusted net revenues excluding significant items  1,243 1,294 1,322 5,306 5,278
Provision for credit losses  66 52 43 270 109
Total operating expenses  840 812 824 3,241 3,223
   Restructuring expenses  (3) (41) (44)
   Major litigation provisions  (44) 0 0 (45) (3)
   Expenses related to real estate disposals  (3) 0 (2) (3) (12)
Adjusted total operating expenses  790 771 822 3,149 3,208
Income before taxes  487 430 867 2,104 2,573
   Total adjustments and significant items  (100) 41 (410) (217) (612)
Adjusted income before taxes excluding significant items  387 471 457 1,887 1,961
Page A-4

Appendix
Reconciliation of adjustment items 
    Swiss Universal Bank –
Private Clients
in 4Q20 4Q19 2020 2019
Adjusted results excluding significant items (CHF million)   
Net revenues  750 968 3,055 3,186
   of which real estate gains  15 104 15 221
   of which gain on equity investment in SIX Group  47 149 47 149
   of which gain on equity investment in Pfandbriefbank  0 0 134 0
Adjusted net revenues excluding significant items  688 715 2,859 2,816
Provision for credit losses  17 11 62 46
Total operating expenses  476 483 1,913 1,858
   Restructuring expenses  1 (35)
   Expenses related to real estate disposals  (3) (1) (3) (8)
Adjusted total operating expenses  474 482 1,875 1,850
Income before taxes  257 474 1,080 1,282
   Total adjustments and significant items  (60) (252) (158) (362)
Adjusted income before taxes excluding significant items  197 222 922 920
Reconciliation of adjustment items 
     Swiss Universal Bank –
Corporate &
Institutional Clients
in 4Q20 4Q19 2020 2019
Adjusted results excluding significant items (CHF million)   
Net revenues  643 766 2,560 2,719
   of which real estate gains  0 2 0 2
   of which gain related to InvestLab transfer  0 0 25 98
   of which gain on equity investment in Allfunds Group  38 0 38 0
   of which gain on equity investment in SIX Group  50 157 50 157
Adjusted net revenues excluding significant items  555 607 2,447 2,462
Provision for credit losses  49 32 208 63
Total operating expenses  364 341 1,328 1,365
   Restructuring expenses  (4) (9)
   Major litigation provisions  (44) 0 (45) (3)
   Expenses related to real estate disposals  0 (1) 0 (4)
Adjusted total operating expenses  316 340 1,274 1,358
Income before taxes  230 393 1,024 1,291
   Total adjustments and significant items  (40) (158) (59) (250)
Adjusted income before taxes excluding significant items  190 235 965 1,041
Page A-5

Appendix
International Wealth Management
   in / end of % change in / end of % change
4Q20 3Q20 4Q19 QoQ YoY 2020 2019 YoY
Results (CHF million)   
Net revenues  952 1,142 1,636 (17) (42) 4,837 5,816 (17)
   of which Private Banking  974 836 1,186 17 (18) 3,747 4,181 (10)
   of which Asset Management  (22) 306 450 1,090 1,635 (33)
Provision for credit losses  25 12 17 108 47 110 49 124
Total operating expenses  939 915 989 3 (5) 3,675 3,702 (1)
Income/(loss) before taxes  (12) 215 630 1,052 2,065 (49)
   of which Private Banking  293 197 491 49 (40) 1,091 1,586 (31)
   of which Asset Management  (305) 18 139 (39) 479
Metrics (%)   
Return on regulatory capital (0.9) 15.7 44.5 19.6 37.3
Cost/income ratio 98.6 80.1 60.5 76.0 63.7
Private Banking   
Assets under management (CHF billion) 365.4 352.0 370.0 3.8 (1.2) 365.4 370.0 (1.2)
Net new assets (CHF billion) 4.3 6.9 0.6 16.7 11.0
Gross margin (annualized) (bp) 109 96 128 107 115
Net margin (annualized) (bp) 33 23 53 31 44
Asset Management   
Assets under management (CHF billion) 440.3 438.5 437.9 0.4 0.5 440.3 437.9 0.5
Net new assets (CHF billion) 6.3 5.0 7.5 15.5 21.5
Reconciliation of adjustment items
   International Wealth Management
in 4Q20 3Q20 4Q19 2020 2019
Adjusted results excluding significant items (CHF million)   
Net revenues  952 1,142 1,636 4,837 5,816
   of which real estate gains  0 0 32 0 45
   of which gain related to InvestLab transfer  0 0 0 218 131
   of which gain on equity investment in Allfunds Group  51 0 0 51 0
   of which gain on equity investment in SIX Group  61 0 192 61 192
   of which impairment on York Capital Management  (414) 0 0 (414) 0
Adjusted net revenues excluding significant items  1,254 1,142 1,412 4,921 5,448
Provision for credit losses  25 12 17 110 49
Total operating expenses  939 915 989 3,675 3,702
   Restructuring expenses  (26) (29) (55)
   Major litigation provisions  (1) (20) 3 11 30
   Expenses related to real estate disposals  (4) (4) (9) (7) (21)
Adjusted total operating expenses  908 862 983 3,624 3,711
Income/(loss) before taxes  (12) 215 630 1,052 2,065
   Total adjustments and significant items  333 53 (218) 135 (377)
Adjusted income before taxes income excluding significant items  321 268 412 1,187 1,688
Page A-6

Appendix
Reconciliation of adjustment items 
     International
Wealth Management –
Private Banking
in 4Q20 4Q19 2020 2019
Adjusted results excluding significant items (CHF million)   
Net revenues  974 1,186 3,747 4,181
   of which real estate gains  0 32 0 45
   of which gain related to InvestLab transfer  0 0 15 131
   of which gain on equity investment in Allfunds Group  51 0 51 0
   of which gain on equity investment in SIX Group  61 192 61 192
Adjusted net revenues excluding significant items  862 962 3,620 3,813
Provision for credit losses  31 17 110 48
Total operating expenses  650 678 2,546 2,547
   Restructuring expenses  (21) (37)
   Major litigation provisions  (1) 3 11 30
   Expenses related to real estate disposals  (3) (7) (5) (17)
Adjusted total operating expenses  625 674 2,515 2,560
Income before taxes  293 491 1,091 1,586
   Total adjustments and significant items  (87) (220) (96) (381)
Adjusted income before taxes income excluding significant items  206 271 995 1,205
Reconciliation of adjustment items 
     International
Wealth Management –
Asset Management
in 4Q20 4Q19 2020 2019
Adjusted results excluding significant items (CHF million)   
Net revenues  (22) 450 1,090 1,635
   of which gain related to InvestLab transfer  0 0 203 0
   of which impairment on York Capital Management  (414) 0 (414) 0
Adjusted net revenues excluding significant items  392 450 1,301 1,635
Provision for credit losses  (6) 0 0 1
Total operating expenses  289 311 1,129 1,155
   Restructuring expenses  (5) (18)
   Expenses related to real estate disposals  (1) (2) (2) (4)
Adjusted total operating expenses  283 309 1,109 1,151
Income/(loss) before taxes  (305) 139 (39) 479
   Total adjustments and significant items  420 2 231 4
Adjusted income before taxes income excluding significant items  115 141 192 483
Page A-7

Appendix
Asia Pacific
   in / end of % change in / end of % change
4Q20 3Q20 4Q19 QoQ YoY 2020 2019 YoY
Results (CHF million)   
Net revenues  784 728 750 8 5 3,155 3,029 4
Provision for credit losses  6 45 14 (87) (57) 236 55 329
Total operating expenses  541 506 535 7 1 2,091 2,052 2
Income before taxes  237 177 201 34 18 828 922 (10)
Metrics (%)   
Return on regulatory capital 27.0 19.4 18.4 22.0 21.3
Cost/income ratio 69.0 69.5 71.3 66.3 67.7
Assets under management (CHF billion) 221.3 218.5 220.0 1.3 0.6 221.3 220.0 0.6
Net new assets (CHF billion) (1.1) 2.2 0.7 8.6 8.7
Gross margin (annualized) (bp) 141 135 137 147 141
Net margin (annualized) (bp) 43 33 37 39 43
Reconciliation of adjustment items
   Asia Pacific
in 4Q20 4Q19 2020 2019
Adjusted results excluding significant items (CHF million)   
Net revenues  784 750 3,155 3,029
   of which gain related to InvestLab transfer  0 0 25 98
   of which gain on equity investment in Allfunds Groups  38 0 38 0
Net revenues excluding significant items  746 750 3,092 2,931
Provision for credit losses  6 14 236 55
Total operating expenses  541 535 2,091 2,052
   Restructuring expenses  (2) (4)
Adjusted total operating expenses  539 535 2,087 2,052
Income before taxes  237 201 828 922
   Total adjustments and significant items  (36) 0 (59) (98)
Adjusted income before taxes excluding significant items  201 201 769 824
   of which FX impact  14 45
Adjusted income before taxes excluding significant items and FX impact  215 201 814 824
Page A-8

Appendix
Reconciliation of adjustment items
     Wealth
Management-
related
in 4Q20 4Q19 2020 2019
Adjusted results excluding significant items and FX impact (CHF million)   
Net revenues  3,129 4,120 13,607 14,750
   of which real estate gains  15 138 15 268
   of which gain related to InvestLab transfer  0 0 268 327
   of which gain on equity investment in Allfunds Group  127 0 127 0
   of which gain on equity investment in SIX Group  158 498 158 498
   of which gain on equity investment in Pfandbriefbank  0 0 134 0
   of which impairment on York Capital Management  (414) 0 (414) 0
   of which FX impact  (170) 0 (542) 0
Adjusted net revenues excluding significant items and FX impact  3,413 3,484 13,861 13,657
Net interest income 1,203 1,394 5,019 5,242
   of which FX impact  (42) (144)
Net interest income excluding FX impact  1,245 1,394 5,163 5,242
Recurring commissions and fees 998 1,059 3,927 4,098
   of which FX impact  (51) (162)
Recurring commissions and fees excluding FX impact  1,049 1,059 4,089 4,098
Transaction-based revenues 1,092 1,023 4,503 4,378
   of which FX impact  (83) (245)
Transaction-based revenues excluding FX impact  1,175 1,023 4,748 4,378
Page A-9

Appendix
Investment Bank
   in / end of % change in / end of % change
4Q20 3Q20 4Q19 QoQ YoY 2020 2019 YoY
Results (CHF million)   
Net revenues  2,109 2,047 1,947 3 8 9,098 8,161 11
Provision for credit losses  38 (14) 67 (43) 471 104 353
Total operating expenses  1,781 1,691 1,825 5 (2) 6,972 7,031 (1)
Income before taxes  290 370 55 (22) 427 1,655 1,026 61
Metrics (%)   
Return on regulatory capital 8.8 11.4 1.5 12.2 7.1
Cost/income ratio 84.4 82.6 93.7 76.6 86.2
Results (USD million)   
Net revenues  2,337 2,245 1,977 4 18 9,718 8,216 18
Provision for credit losses  42 (16) 69 (39) 489 105 366
Total operating expenses  1,977 1,856 1,851 7 7 7,469 7,078 6
Income before taxes  318 405 57 (21) 458 1,760 1,033 70
Reconciliation of adjustment items
   Investment Bank
in 4Q20 4Q19 2020 2019
Adjusted results (USD million)   
Net revenues  2,337 1,977 9,718 8,216
   Real estate (gains)/losses  0 (7) 0 (7)
Adjusted net revenues  2,337 1,970 9,718 8,209
Provision for credit losses  42 69 489 105
Total operating expenses  1,977 1,851 7,469 7,078
   Restructuring expenses  (16) (52)
   Major litigation provisions  0 0 (25) 0
   Expenses related to real estate disposals  (23) (47) (45) (78)
Adjusted total operating expenses  1,938 1,804 7,347 7,000
Income before taxes  318 57 1,760 1,033
   Total adjustments  39 40 122 71
Adjusted income before taxes  357 97 1,882 1,104
Net revenue detail
in 4Q20 4Q19 2020 2019
Net revenue detail (USD million)   
Fixed income sales and trading 788 789 4,266 3,374
Equity sales and trading 555 529 2,571 2,291
Capital markets 843 443 2,539 1,873
Advisory and other fees 199 172 645 601
Other revenues (48) 44 (303) 77
Net revenues  2,337 1,977 9,718 8,216
Page A-10

Appendix
Global investment banking revenues
in 4Q20 4Q19 2020 2019
Global investment banking revenues (USD million)   
Fixed income sales and trading 788 789 4,266 3,374
Equity sales and trading 555 529 2,571 2,291
Capital markets 950 508 2,917 2,089
Advisory and other fees 227 212 793 752
Other revenues (48) 44 (303) 77
Global investment banking revenues  2,472 2,082 10,244 8,583
Page A-11

Appendix
Cautionary statement regarding forward-looking information
This document contains statements that constitute forward-looking statements. In addition, in the future we, and others on our behalf, may make statements that constitute forward-looking statements. Such forward-looking statements may include, without limitation, statements relating to the following:
our plans, targets or goals;
our future economic performance or prospects;
the potential effect on our future performance of certain contingencies; and
assumptions underlying any such statements.
Words such as “believes,” “anticipates,” “expects,” “intends” and “plans” and similar expressions are intended to identify forward-looking statements but are not the exclusive means of identifying such statements. We do not intend to update these forward-looking statements.
By their very nature, forward-looking statements involve inherent risks and uncertainties, both general and specific, and risks exist that predictions, forecasts, projections and other outcomes described or implied in forward-looking statements will not be achieved. We caution you that a number of important factors could cause results to differ materially from the plans, targets, goals, expectations, estimates and intentions expressed in such forward-looking statements and that the COVID-19 pandemic creates significantly greater uncertainty about forward-looking statements in addition to the factors that generally affect our business. These factors include:
the ability to maintain sufficient liquidity and access capital markets;
market volatility and interest rate fluctuations and developments affecting interest rate levels, including the persistence of a low or negative interest rate environment;
the strength of the global economy in general and the strength of the economies of the countries in which we conduct our operations, in particular the risk of negative impacts of COVID-19 on the global economy and financial markets and the risk of continued slow economic recovery or downturn in the EU, the US or other developed countries or in emerging markets in 2021 and beyond;
the emergence of widespread health emergencies, infectious diseases or pandemics, such as COVID-19, and the actions that may be taken by governmental authorities to contain the outbreak or to counter its impact;
potential risks and uncertainties relating to the severity of impacts from COVID-19 and the duration of the pandemic, including potential material adverse effects on our business, financial condition and results of operations;
the direct and indirect impacts of deterioration or slow recovery in residential and commercial real estate markets;
adverse rating actions by credit rating agencies in respect of us, sovereign issuers, structured credit products or other credit-related exposures;
the ability to achieve our strategic goals, including those related to our targets, ambitions and financial goals;
the ability of counterparties to meet their obligations to us and the adequacy of our allowance for credit losses;
the effects of, and changes in, fiscal, monetary, exchange rate, trade and tax policies;
the effects of currency fluctuations, including the related impact on our business, financial condition and results of operations due to moves in foreign exchange rates;
political, social and environmental developments, including war, civil unrest or terrorist activity and climate change;
the ability to appropriately address social, environmental and sustainability concerns that may arise from our business activities;
the effects of, and the uncertainty arising from, the UK’s withdrawal from the EU;
the possibility of foreign exchange controls, expropriation, nationalization or confiscation of assets in countries in which we conduct our operations;
operational factors such as systems failure, human error, or the failure to implement procedures properly;
the risk of cyber attacks, information or security breaches or technology failures on our reputation, business or operations, the risk of which is increased while large portions of our employees work remotely;
the adverse resolution of litigation, regulatory proceedings and other contingencies;
actions taken by regulators with respect to our business and practices and possible resulting changes to our business organization, practices and policies in countries in which we conduct our operations;
the effects of changes in laws, regulations or accounting or tax standards, policies or practices in countries in which we conduct our operations;
the expected discontinuation of LIBOR and other interbank offered rates and the transition to alternative reference rates;
the potential effects of changes in our legal entity structure;
competition or changes in our competitive position in geographic and business areas in which we conduct our operations;
the ability to retain and recruit qualified personnel;
the ability to maintain our reputation and promote our brand;
the ability to increase market share and control expenses;
technological changes instituted by us, our counterparties or competitors;
the timely development and acceptance of our new products and services and the perceived overall value of these products and services by users;
acquisitions, including the ability to integrate acquired businesses successfully, and divestitures, including the ability to sell non-core assets; and
other unforeseen or unexpected events and our success at managing these and the risks involved in the foregoing.
We caution you that the foregoing list of important factors is not exclusive. When evaluating forward-looking statements, you should carefully consider the foregoing factors and other uncertainties and events, including the information set forth in “Risk factors” in I – Information on the company in our Annual Report 2019 and in “Risk factor” in I – Credit Suisse in our 1Q20 Financial Report.
Page A-12

 Analyst and Investor CallThomas Gottstein, Chief Executive OfficerDavid Mathers, Chief Financial OfficerFebruary 18, 2021  Credit SuisseFourth Quarter and Full Year 2020 Results 
 

 Disclaimer (1/2)  2  February 18, 2021  Credit Suisse has not finalized its 2020 Annual Report and Credit Suisse's independent registered public accounting firm has not completed its audit of the consolidated financial statements for the period. Accordingly, the financial information contained in this presentation is subject to completion of year-end procedures, which may result in changes to that information.This material does not purport to contain all of the information that you may wish to consider. This material is not to be relied upon as such or used in substitution for the exercise of independent judgment. Cautionary statement regarding forward-looking statements This presentation contains forward-looking statements that involve inherent risks and uncertainties, and we might not be able to achieve the predictions, forecasts, projections and other outcomes we describe or imply in forward-looking statements. A number of important factors could cause results to differ materially from the plans, targets, goals, expectations, estimates and intentions we express in these forward-looking statements, including those we identify in "Risk factors” in our Annual Report on Form 20-F for the fiscal year ended December 31, 2019, in “Credit Suisse – Risk factor” in our 1Q20 Financial Report published on May 7, 2020 and in the “Cautionary statement regarding forward-looking information" in our 4Q20 Earnings Release published on February 18, 2021 and filed with the US Securities and Exchange Commission, and in other public filings and press releases. We do not intend to update these forward-looking statements. In particular, the terms “Estimate”, “Illustrative”, “Ambition”, “Objective”, “Outlook” and “Goal” are not intended to be viewed as targets or projections, nor are they considered to be Key Performance Indicators. All such estimates, illustrations, ambitions, objectives, outlooks and goals are subject to a large number of inherent risks, assumptions and uncertainties, many of which are completely outside of our control. These risks, assumptions and uncertainties include, but are not limited to, general market conditions, market volatility, interest rate volatility and levels, global and regional economic conditions, challenges and uncertainties resulting from the COVID-19 pandemic, political uncertainty, changes in tax policies, regulatory changes, changes in levels of client activity as a result of any of the foregoing and other factors. Accordingly, this information should not be relied on for any purpose. We do not intend to update these estimates, illustrations, ambitions, objectives, outlooks or goals. We may not achieve the benefits of our strategic initiativesWe may not achieve all of the expected benefits of our strategic initiatives. Factors beyond our control, including but not limited to the market and economic conditions (including macroeconomic and other challenges and uncertainties, for example, resulting from the COVID-19 pandemic), changes in laws, rules or regulations and other challenges discussed in our public filings, could limit our ability to achieve some or all of the expected benefits of these initiatives. Estimates and assumptionsIn preparing this presentation, management has made estimates and assumptions that affect the numbers presented. Actual results may differ. Annualized numbers do not take into account variations in operating results, seasonality and other factors and may not be indicative of actual, full-year results. Figures throughout this presentation may also be subject to rounding adjustments. All opinions and views constitute judgments as of the date of writing without regard to the date on which the reader may receive or access the information. This information is subject to change at any time without notice and we do not intend to update this information.RestatementAs of 3Q20, financial information reflects the new divisional reporting structure and management responsibilities announced on July 30, 2020 and updates to certain calculations and allocations. Prior periods have been restated to conform to the current presentation. In light of the restructuring announced on July 30, 2020 and several significant items impacting results in prior periods, we intend to focus on adjusted numbers, excluding significant items in our discussion of results until the restructuring is completed. 
 

 Disclaimer (2/2)  3  February 18, 2021  Cautionary statements relating to interim financial informationThis presentation contains certain unaudited interim financial information for the first quarter of 2021. This information has been derived from management accounts, is preliminary in nature, does not reflect the complete results of the first quarter of 2021 and is subject to change, including as a result of any normal quarterly adjustments in relation to the financial statements for the first quarter of 2021. This information has not been subject to any review by our independent registered public accounting firm. There can be no assurance that the final results for these periods will not differ from these preliminary results, and any such differences could be material. Quarterly financial results for the first quarter of 2021 will be included in our 1Q21 Financial Report. These interim results of operations are not necessarily indicative of the results to be achieved for the remainder of the full first quarter of 2021.Statement regarding non-GAAP financial measuresThis presentation contains non-GAAP financial measures, including results excluding certain items included in our reported results as well as return on regulatory capital and return on tangible equity and tangible book value per share (which are both based on tangible shareholders’ equity). Further details and information needed to reconcile such non-GAAP financial measures to the most directly comparable measures under US GAAP can be found in this presentation in the Appendix, which is available on our website at www.credit-suisse.com.Our estimates, ambitions, objectives and targets often include metrics that are non-GAAP financial measures and are unaudited. A reconciliation of the estimates, ambitions, objectives and targets to the nearest GAAP measures is unavailable without unreasonable efforts. Results excluding certain items included in our reported results do not include items such as goodwill impairment, major litigation provisions, real estate gains, impacts from foreign exchange and other revenue and expense items included in our reported results, all of which are unavailable on a prospective basis. Return on tangible equity is based on tangible shareholders’ equity, a non-GAAP financial measure also known as tangible book value, which is calculated by deducting goodwill and other intangible assets from total shareholders’ equity as presented in our balance sheet, both of which are unavailable on a prospective basis. Return on regulatory capital (a non-GAAP financial measure) is calculated using income / (loss) after tax and assumes a tax rate of 25% and capital allocated based on the average of 10% of RWA and 3.5% of leverage exposure; the essential components of this calculation are unavailable on a prospective basis. Such estimates, ambitions, objectives and targets are calculated in a manner that is consistent with the accounting policies applied by us in preparing our financial statements.Statement regarding capital, liquidity and leverageCredit Suisse is subject to the Basel III framework, as implemented in Switzerland, as well as Swiss legislation and regulations for systemically important banks (Swiss Requirements), which include capital, liquidity, leverage and large exposure requirements and rules for emergency plans designed to maintain systemically relevant functions in the event of threatened insolvency. Credit Suisse has adopted the Bank for International Settlements (BIS) leverage ratio framework, as issued by the Basel Committee on Banking Supervision (BCBS) and implemented in Switzerland by the Swiss Financial Market Supervisory Authority FINMA.References to phase-in and look-through included herein refer to Basel III capital requirements and Swiss Requirements. Phase-in reflects that, for the years 2014-2018, there was a five-year (20% per annum) phase-in of goodwill, other intangible assets and other capital deductions (e.g., certain deferred tax assets) and a phase-out of an adjustment for the accounting treatment of pension plans. For the years 2013-2022, there is a phase-out of certain capital instruments. Look-through assumes the full phase-in of goodwill and other intangible assets and other regulatory adjustments and the phase-out of certain capital instruments.Unless otherwise noted, leverage exposure is based on the BIS leverage ratio framework and consists of period-end balance sheet assets and prescribed regulatory adjustments. The tier 1 leverage ratio and CET1 leverage ratio are calculated as BIS tier 1 capital and CET1 capital, respectively, divided by period-end leverage exposure. Swiss leverage ratios are measured on the same period-end basis as the leverage exposure for the BIS leverage ratio. Unless otherwise noted, for periods in 2020, leverage exposure excludes cash held at central banks, after adjusting for the dividend paid in 2020.SourcesCertain material in this presentation has been prepared by Credit Suisse on the basis of publicly available information, internally developed data and other third-party sources believed to be reliable. Credit Suisse has not sought to independently verify information obtained from public and third-party sources and makes no representations or warranties as to accuracy, completeness or reliability of such information. 
 

 Key highlights  4  February 18, 2021  Note: Results excluding items included in our reported results are non-GAAP financial measures. For further details and reconciliation information, see Appendix 1 Relating to net income attributable to shareholders 2 Full savings expected from 2022 onwards; allow for reinvestment in full, subject to market and economic conditions 3 Post dividends, share buybacks and potential impact from RWA methodology changes 4 Including CHF 716 mn of dividends and CHF 325 mn of buybacks 5 Subject to market and economic conditions   Strong underlying financial performance in 2020  4Q20 reported pre-tax income of CHF (88) mn and net income of CHF (353) mn1, including major litigation provisions of CHF 757 mn and an impairment relating to York of CHF 414 mnFull year 2020 reported pre-tax income of CHF 3.5 bn; net income of CHF 2.7 bn1Adjusted pre-tax income excluding significant items in 2020 of CHF 4.4 bn, up 6% YoY despite CHF 1.1 bn of provision for credit losses and significant FX headwinds  Investments to accelerate our growth   Targeting growth investments of CHF 0.3 – 0.6 bn in 2021 across Wealth Management and the IB, including investments in technology and SRIInvest most of marginal capital generated3 in Wealth Management to deploy into lending  Strong capital position and disciplined capital distribution  CET1 ratio of 12.9% at year-end 2020; total capital distribution of ~CHF 1 bn in 20204Proposal to increase 2020 dividend by 5.4% vs. 2019Expected total capital distribution of at least CHF 1.8 bn in 20215  Executed four key strategic initiatives to support our growth agenda  Created one global Investment BankLaunched SRI – Sustainability, Research & Investment SolutionsSwiss Universal Bank: Integration of Neue Aargauer Bank and launch of CSXCombined Risk and Compliance functions  Expect to generate gross savings of ~CHF 400-450 mn p.a.2   
 

     Despite a challenging macroeconomic and operating environment in 2020…  5  February 18, 2021  1 IMF WEO (October 2020) 2 Developing and Emerging Asia 3 Bloomberg, as of February 16, 2021 4 1-year forward rates at various points in time in respective currencies  2  APAC        Uneven economic recovery post-COVID…Real GDP - 2017 rebased to 1001  …and rates likely to remain lower-for-longer1 year forward interest rate3,4, in %  …albeit equity markets have recoveredMSCI World3, 2019 rebased to 100  Swiss Franc significantly appreciated in 2020…USD/CHF development3 
 

     …which notably impacted the banking sector…  6  February 18, 2021  Source: Bloomberg, as of February 16, 20211 KBW Banks Index members 2 Stoxx Europe 600 Banks Index members  1  2      1  2  1  2  2012  2014  2016  2018  2020E  2022E  2012  2014  2016  2018  2020E  2022E  2012  2014  2016  2018  2020E  2022E  1  2  MSCI World  1H19  2H19  1H20  2H20          COVID economic impact has led to elevated credit losses…Provision for credit loss as % of average gross loans  ...while lower rates have weighed on net interest incomeNet interest income, in EUR & USD bn  ...have also weighed on bank share prices Indexed at beginning of 2019  Restrictions on bank dividends…Dividend yield 
 

       7  February 18, 2021  …Credit Suisse recorded a strong growth in pre-provision profit, as we enter our growth phase  Restructuringphase  Platform for growth phase  Growth phase  Group adjusted pre-provision profit excl. significant items; in CHF bn  Leverage exposurein CHF trn  1.1  0.93  (21)%  CET1 capitalin CHF bn  28.6  35.4  +24%  IB as % of Group(Allocated capital4)  ~60%5  32%  ~(28) pp.  Note: Results excluding items included in our reported results are non-GAAP financial measures. For further details and reconciliation information, see Appendix ‡ RoTE is a non-GAAP financial measure, see Appendix 1 At constant average 2019 FX rates 2 Reported Return on Tangible Equity in a normalized environment; subject to market and economic conditions 3 Group leverage exposure without the temporary exclusion of cash held at central banks 4 Based on the average of 10% of RWA and 3.5% of leverage exposure from Group total (Group leverage exposure without the temporary exclusion of cash held at central banks) 5 IB includes GM, IBCM, APAC Markets and SRU ex-WM related RWAs and LE before restatement  +22%  +30% at FXC1  RoTE‡ ambition 10-12%2 
 

   8  February 18, 2021  Our 2020 structural initiatives are supporting our growth agenda  Created one global Investment Bank  Integration of NAB into SUB on track, launched CSX  Launched SRI – Sustainability,Research & Investment Solutions  Combined Risk and Compliance functions  1 Full savings expected from 2022 onwards; allow for reinvestment in full, subject to market and economic conditions    Expect gross savings of ~CHF 400-450 mn p.a.1for investments to accelerate our growth 
 

   Global investment banking1 revenues rebounded in 2020…  9  February 18, 2021  Global investment banking1 revenuesin USD bn  1 Includes net revenues from the Investment Bank, APAC advisory and underwriting as well as M&A, DCM and ECM revenues in SUB C&IC 2 Includes capital markets revenues and advisory and other fees in IB, APAC and SUB 3 Includes Other revenues of USD 77 mn 4 Includes Other revenues of USD (303) mn 5 Dealogic as of December 31, 2020 based on volumes 6 Dealogic as of December 31, 2020 based on fees 7 Dealogic as of December 31, 2020 based on fees (2020 vs. 2019) 8 Third Party competitive analysis as of 9M20 9 Return on Assets (2020 vs. 2019); Leverage based on period average 10 Bloomberg as of December 31, 2020 11 Thomson Reuters as of December 31, 2020   Fixed IncomeSales & Trading  EquitySales & Trading  Capital Markets & Advisory2  8.63  +26%  +12%  +31%  +19%  2020 vs. 2019   10.24  #1Global IPOs5  #1Sponsors Lev Fin6    Capital Markets & Advisory  Top 6Announced M&A5  +60 bpsShare of wallet7  Top 6Cash Equities8  +6 bpsPrime Services RoA9    Equity Sales& Trading  #1Structured Credit10  #1 Asset Finance11    Fixed Income Sales & Trading  Momentum in market leading franchises  31%GTS net revenue growth YoY    GTS  
 

   …our capital markets and advisory franchise gained momentum and outperformed peers…  10  February 18, 2021  4.0    Fees3USD bn  6.2  7.7  6.1  4.7  8.5  2.3  3.3  1    IPO rank3,4  5  2  4  3  6  12  13  Top 8 Global Investment Banks: Capital markets and advisory fees growth2020 – YoY1,2  1 Includes Bank of America, Barclays, Citibank, Deutsche Bank, Goldman Sachs, JP Morgan and Morgan Stanley 2 Dealogic as of December 31, 2020; based on fees (for the years 2020 and 2019) 3 Dealogic as of December 31, 2020 (for the year 2020) 4 Based on deal value  Credit Suisse’s capital markets and advisory share of wallet2 
 

   …positioning our integrated Investment Bank division to deliver sustainable returns    Building on a diversified Investment Bank with reduced earnings volatility    …to deliver our medium-term RoRC† ambition  Focused execution…  Note: Results excluding items included in our reported results are non-GAAP financial measures. For further details and reconciliation information, see Appendix † RoRC is a non-GAAP financial measure, see Appendix  February 18, 2021  11  10-15%  adjusted  adjusted  70%  Adjusted PTIin USD mn  RoRC†  Business mix well positioned forpost-COVID market environment    Delivering institutional-style solutions to Wealth Management through GTS    Continued investing in our market-leading businesses to deliver an RoRC† of 10-15%     
 

   12  February 18, 2021  SRI progress and momentum since launch in July  1 2020 vs. 2019; according to Credit Suisse ESG framework  Enablement & execution    Strategy enabled by governance bodies and committees at the BoD, ExB and divisional management levelsEngaged in meaningful dialogue with NGOs, investors, analysts and key rating agencies Global Head of Reputational, Sustainability and Climate Risk appointed in CRCO New private markets opportunities in co-development with BlackRock specifically aligned to CS Supertrends                Delivering Sustainable Solutions      Enabling Client Transitions      Leadership on Standard Setting          Driving our own Transition            Adapting our Culture  Significant YoY increase in ESG Thematic and Impact Investments1  Client Energy Transition Frameworks rolled out for oil & gas, coal mining, and fossil-based power generation; over 1,300 staff trained  Upgraded to A- rating  Upgraded to A rating  Recent recognition & engagement   Signatory to Stakeholder Capitalism Metrics  Established SRI to deliver sustainable insights and solutions to our private, corporate and institutional clientsDeveloped comprehensive ESG strategy, including commitments to propel our ambition to be a leader in sustainability Integrated Securities Research to deliver thematic research across public and private marketsFocused on growth of recurring revenues in WM through integration of investment product platforms aligned with the business divisions  Strategy  Executed 37 Green, Social and Sustainability Bond transactions in 2020 totaling USD 19 bn, an increase of 42% YoY  Partnering for Racial Justice in Business (WEF)    Selected highlights    WEF  CDP  MSCI 
 

   13  February 18, 2021  NAB integration well on track and successful launch of digital banking offering CSX in Switzerland  NAB integration and branch optimization on track  Regulatory approvals obtained; legal merger completed  Public announcement of NAB integration    Finalization and full integration    Unified coverage, harmonized processes and offering        Aug.2020      Dec.2020      Jun.2021    CSX as new digital core product in the retail space  Established significant CSX client base with half of clients below 35 yearsCross-product usage  Client success    Broadened offering: CSX Financial Plan and CSX InvestNew partnerships to establish CSX ecosystem: e.g. bancassurance, digital rental deposit guarantees  Offering expansion    Straight-through onboarding of clients in 10 minutesCSX clients are active with an average of >10 logins per month   Efficiency    NAB integration timeline  Integration on track with unified coverage, harmonized processes and offering; successful client retentionLegal merger completed with new integrated regional management team in place  NAB integration    Integrated NAB branch structure into CS network Reduction of our branch footprint in Switzerland by ~25% in 2020  Branch footprint    Realization of cost synergies on trackPart of the expected ~CHF 100 mn gross cost savings p.a. in SUB from 2022 onwards  Financial progress   
 

   14  February 18, 2021  Sustained and strengthened risk and compliance oversight, navigating through a volatile environment  Risk managementthroughthe cycle    Successfully navigated the COVID-19 pandemic during 2020, managing its impact across risk typesThe crisis proved the effectiveness of our risk appetite frameworks and hedging strategy, supporting earnings stabilityEnsured consistent, tight lending standards, supporting risk-controlled lending growth with an objective to maintain rigorous credit standards, consistent with our <10 bps provision for credit losses ratio through the cycle1  Integration of risk and compliance    Implementation of joint Risk and Compliance organization (CRCO), driving efficiencies and effectiveness of controlEnables more consistent execution and delivery of our control framework across Risk and Compliance Driving simpler and scalable technology shared by Risk and Compliance, delivering solutions to deploy rapid cross-risk and cross-bank modelling and reporting  Holistic client risk management    Further improvement of risk oversight across risk types and complianceEstablished new global and divisional client risk committees embedding relevant risk types and compliance disciplines for a holistic client viewAddressed legacy compliance topics with ongoing remediation efforts, leveraging new tools, data and technology  1 For the periods 2010-2020. Provision for credit losses related to loans held at amortized cost as % of average gross loans held at amortized cost 
 

   15  February 18, 2021  Wealth Management offers significant growth opportunity; APAC continues to be the fastest growing region  As per December 15, 2020 Investor Update presentation 
 

   16  February 18, 2021  Our AuM have grown to over CHF 1.5 trn or over USD 1.7 trn…  1 2015 converted from CHF to USD at USD/CHF exchange rate of 0.9892; 2020 converted from CHF to USD at USD/CHF exchange rate of 0.8807 2 Includes SUB C&IC, IWM AM and adjustment for assets managed by Asset Management within International Wealth Management for the other businesses; for 2015 also includes SRU  Assets under Management Groupin CHF bn  CAGR 7%  Assets under Management Groupin USD bn1  Wealth Management  Institutional (AM, C&IC)2  1,214  1,512  CAGR 4%  CAGR 5%  1,227  1,717  Wealth Management  Institutional (AM, C&IC)2 
 

   17  February 18, 2021  …with substantial growth in client business volume across our WM franchises, notably in APAC  SUB PCClient Business Volume (CBV) in CHF bn  2020  2018  2016  2015  2017  2019  APACClient Business Volume (CBV) in USD bn1  2020  2018  2016  2015  2017  2019  IWM PBClient Business Volume (CBV) in USD bn1  2020  2018  2016  2015  2017  2019  Assets under Management   190  192  208  198  218  209  152  163  201  202  227  251  293  316  376  363  382  415  Custody Assets2  20  26  33  33  43  54  19  35  60  44  57  107  111  98  101  74  107  114  Net loans  108  110  111  113  116  118  35  39  43  43  47  44  41  44  52  52  55  59    1 Where CHF is converted to USD, a USD/CHF year-end spot exchange rate has been applied 2 Includes assets under custody and commercial assets 3 Excluding estimated cumulative FX impact based on management data, estimates and assumptions                         4% CAGR  Mid-single digit  Mid- to high-single digit  Double digit  CBV growthambition3  6% CAGR  14% CAGR 
 

   Our House View continued to add substantial value for our clients during the pandemic  18  February 18, 2021  CS Investment Committee decisions since January 2019MSCI AC World Total Return Index in local currency1  Started the year overweight equities  13 Feb: Went to neutral equities  10 Apr: Went back to overweight equities  10 Jul: Went back to neutral equities  11 Sep: Went overweight equities  8 Jan: Went neutral equities  25 Mar: Went overweight equities  25 Jun: Went neutral equities  12 Nov: Went overweight equities    On a long-term basis2, Discretionary Mandates outperformed 67% of clients in a non-discretionary strategy portfolioInnovation and integration of ESG considerations e.g. launched Climate Focus mandate in November 2020Enhanced diversification benefits from the addition of private equity in Platinum Solutions (Mandates)3Thematic Supertrends framework dynamically driving positive performance   Credit Suisse Supertrends  Anxious societies  Infrastructure  Millennials  Silver economy  Technology  Climate change  1 Bloomberg as of February 16, 2021 2 Performance of discretionary mandates vs. non-discretionary client portfolios (December 31, 2017 to December 31, 2020) of PB clients in SUB, IWM and APAC that are booked in Switzerland 3 High-touch, bespoke investment management services for investable assets starting at CHF 20 mn  
 

   19  February 18, 2021  We are committed to accelerating growth across all three Wealth Management divisions…  Our unique “Bank for Entrepreneurs” model is a differentiator Invest most of marginal capital generated1 into Wealth Management Sustainable investment solutions to be at the core of our offering Build on our successful collaboration with the Investment Bank and Asset ManagementOur business model is geared to deliver operating leverage  Our core principles…    …to capture medium-term growth opportunities across Wealth Management  1 Post dividends, share buybacks and potential impact from RWA methodology changes 2 SUB PC 3 IWM PB 4 Excluding estimated cumulative FX impact based on management data, estimates and assumptions 5 Alternative fund solutions from SRI - Investment Solutions & Products to wealth management clients 6 Dealogic for the year 2020  Grow client business volume4  Attract NNA4  Extend lending4        Strengthen collaboration      Deepen mandate penetration   Extend collaboration with GTS  Build on leading Advisory position in SUB / APAC6 and drive mid-market opportunity in IWM     GrowPrivate Markets  Leverage data analytics, enhance digital product capabilities and build on recently launched CSX offering    Accelerate digital transformation  Drive mandate penetration from 28% to ~33% with a focus on sustainable solutions        SUB2  Mid-singledigit  Low-singledigit  1-3%  IWM3  Mid- to high-single digit  High-singledigit  4-6%  APAC  Double digit  Double digit  6-8%  Increase Alternatives and PE feeder funds distribution5 to CHF 5-7 bn p.a.  Maintain rigorous credit standards, historic <10 bps PCL ratio 
 

   20  February 18, 2021  …aiming for Wealth Management-related PTI of CHF 5.0-5.5 bn in 2023   Note: Results excluding items included in our reported results are non-GAAP financial measures. For further details and reconciliation information, see Appendix † RoRC is a non-GAAP financial measure, see Appendix 1 Post dividends, share buybacks and potential impact from RWA methodology changes  18%adj. excl. significant items  20-25%  Wealth Management-related metrics  PTIin CHF bn  RoRC†  2023ambition  2020adj. excl. significant items  Invest most of marginal capital generated1 into Wealth Management to deploy into lendingDeepen our onshore footprint in fast-growth markets, notably China, other parts of APAC and Middle East Continue to drive GTS, Investment Bank and Asset Management collaboration with Wealth ManagementExpect normalized credit provisions in 2021 (but with a wide range of possible outcomes) and beyondExpect normalized Asset Management profitability  3.8  SUB  IWM  APAC  ~10%CAGR  5.0-5.5   
 

   We expect to distribute at least CHF 1.8 bn in 2021, up from ~CHF 1 bn in 2020  21  1 Dividend distribution including dividend equivalents for share awards 2 Reflecting a dividend per share increase of 5.4% vs. 2019; subject to Board of Directors and AGM approval; final amount is subject to share count at ex-dividend date 3 The Board of Directors has approved share buybacks for 2021 of up to CHF 1.5 bn with at least CHF 1.0 bn expected for the full year; resumed share repurchases on January 12, 2021. CHF 112 mn of shares repurchased as of February 16, 2021 4 Subject to market and economic conditions  February 18, 2021  Total capital distribution in 2020 in CHF  716 mn  325 mn  ~766 mn2  3  2nd half  1st half  At least 1.0 bn andup to 1.5 bn approved   Expected total capital distribution in 20214 in CHF  Total of ~CHF 1 bn paidto shareholders in 2020  Total of at least CHF 1.8 bn payable to shareholders in 2021, including proposed dividend of CHF 0.2926 per share   1  1 
 

 Detailed Financials  22  February 18, 2021